Shares surge after long holiday

Shares surged on both of the nation's stock exchanges on Jan. 30, the
first day of trading following the long Tet (lunar new year) holiday, as
Minister of Finance Vuong Dinh Hue dropped in on the floor of the Hanoi
Stock Exchange.

Hue told traders that the ministry
consistently viewed the stock market as a medium- and long-term channel
for raising capital, alongside the credit market. Dramatic measures by
the ministry to reorganise the market will ensure transparency and boost
stable growth, he said.

"The State will also create
favourable conditions for enterprises to improve competitiveness and
efficiency," said Hue , adding that the core of Government support
for enterprises will include tax breaks, credit incentives, and support
for corporate bond issues.

The ministry is working with
other agencies and international institutions to establish credit rating
criteria for businesses, he said. "This is a key factor to develop the
corporate bond market, which will in turn help strengthen the securities
market."

Hue also vowed that his ministry this year will further hasten the equitisation of State-owned enterprises.

On the HCM Stock Exchange, the VN-Index concluded the Jan. 30 session
at 384.94 points, an increase of 3.2 percent over the last session
before Tet. The value of trades decreased by 12 percent, however,
totalling just over 296 billion VND (14.1 million USD) on a volume of
nearly 21.6 million shares.

Saigon Securities Inc (SSI) became the most-active share with 1.8
million traded before it hit its ceiling price of 15,000 VND (0.70 USD).

On the Hanoi Stock Exchange, the HNX-Index also rose by
1.54 percent to conclude the session at 59.34 points. The value of
trades declined slightly to about 156.5 billion VND (7.4 million USD) on
a volume of 19.3 million shares. However, advancers outnumbered
decliners by 168-59.

Shares of VNDirect Securities Co
(VND) continued to be the most attractive to investors as over 2.6
million shares changed hands. VND closed 2.9 percent higher at 7,100 VND
(0.35 USD) per share. /.